PLEASE HELP ME???

On January 1, Year 1, Jing Company purchased office equipment that cost $15,200 cash. The equipment was delivered under terms FO

Tanzania [10]

Answer:

$3,120

Explanation:

First and foremost, annual depreciation expense is determined using the below straight-line method formula:

annual depreciation=total cost of equipment-salvage value/useful life

total cost of equipment=purchase price+ transportation cost

total cost of equipment=$15,200+$1,300

total cost of equipment=$16,500

salvage value=$5,700

useful life =5 years

annual depreciation=($16,500-$5,700)/5

annual depreciation=$2,160

net income=cash revenue-cash expenses-annual depreciation+profit/(loss) on disposal

profit or(loss)=sales proceeds-book value

book value=cost-accumulated depreciation for 3 years

book value=$16,500-($2160*3)=$10,020

profit/(loss) on disposal=$8,900-$10,020=-$1,120

net income= $17,400-$11,000-$2,160-$1,120

net income=$3,120

5 0

3 years ago

A manufacturing company had a balance in Finished Goods inventory of $200,000 on 12/31/2011. During 2012, the company transferre

Alborosie

Answer:

the cost of goods sold during the year 2012 is $800,000

Explanation:

The computation of the cost of goods sold is shown below;

Costs of Goods Sold during 2012 is

= Transferred from Work in Process + Beginning Inventory - Ending Inventory

= $1,000,000 + $200,000 - $400,000

= $800,000

Hence, the cost of goods sold during the year 2012 is $800,000

4 0

3 years ago

Cline Manufacturing Company uses a job order system and maintains perpetual inventory records.

Vesna [10]

Answer:

1. Raw materials were purchased on account.

Debit Raw Materials Inventory.

Credit Accounts Payable.

Inventory was bought in credit so Payable is owed.

2. Issued a check to Dixon Machine Shop for repair work on factory equipment.

Debit Manufacturing Overhead

Credit Cash

Cash was used to pay for Indirect production work. Cash reduces Sonia credited.

3. Direct materials were requisitioned for Job 280.

Debit Work in Progress Inventory

Credit Raw Material Inventory

Transferred from Raw Materials so work may be done.

4. Factory labor was paid as incurred.

Debit Factory Labor

Credit Cash

Cash reduces again so is credited. Factory Labor is Expense that should be debited.

5. Recognized direct labor and indirect labor used.

Debit Work in Progress Inventory

Debit Manufacturing Overhead

Credit Factory Labor

Direct Labor falls under Work in Progress and Indirect Labor falls under Manufacturing Overhead.

6. The production department requisitioned indirect materials for use in the factory.

Debit Manufacturing Overhead

Credit Raw Materials Inventory

Indirect materials are an overhead.

7. Overhead was applied to production based on a predetermined overhead rate of $8 per labor hour.

Debit Work in Progress Inventory

Credit Manufacturing Overhead

8. Goods that were completed were transferred to finished goods.

Debit Finished Goods

Credit Work in Progress Inventory

9. Goods costing $80,000 were sold for $105,000 on account.

Debit Cost of Goods Sold

Credit Inventory

Then,

Debit Accounts Receivable

Credit Sales

10. Paid for raw materials purchased previously on account.

Debit Accounts Payable

Credit Cash

8 0

3 years ago

A label on foods prepared and packaged onsite for retail sales must list which information?

kari74 [83]

It must have a list of all ingredients used in descending order by weight

<h3>What is Ingredient Label?</h3>

Ingredient labels are placed on the product or its packaging and provide us with information about the components of the product we are using or ingesting. By observing the sequence in which the ingredients are listed, we can determine how much of a certain ingredient comprises the final result. The order of the ingredients on a product's ingredient list must be based on weight or concentration, with the highest amount appearing first.

Take the ingredient list for a food item like potato chips as an example. Typically, "potatoes" will be put first because they make up the majority of the product. Probably next on the list will be "vegetable oil (sunflower, corn, and/or canola oil)," which is the least common item but boosts flavor in this situation.

Therefore, A label on foods prepared and packaged onsite for retail sales must list all ingredients used in descending order by weight

For more information on the Ingredient list, refer to the following link:

brainly.com/question/2368262

#SPJ4

5 0

2 years ago

Telecom uses activity-based costing to allocate all manufacturing conversion costs. Telecom produces cellular telephones; each p

otez555 [7]

Answer:

B. $42

Explanation:

Given that

Machine hours time = 3

Machine hour rate = $14

The computation of the cost of machining per phone is given below:-

= Machine hours time × Machine hour rate

= 3 × $14

= $42

So, for computing the cost of machining per phone simply we multiply the machine hour time with the machine hour rate so that the correct cost of machining per phone will come.

3 0

4 years ago